Where would you like to sign in?

Virtual Media Holdings Inc. Shareholders Update

VANCOUVER, BC--(Marketwire - February 28, 2008) - Virtual Media Holdings Inc. (OTCBB: VMHIF) --
Jim Carroll Chief Executive Officer announced that Meyers Norris Penny
advised that a draft report on our forensic audit has been completed and we
can expect to receive the final report within two weeks. It appears that
the report will support our positions in the actions against former
management and the cancellation of shares currently before the courts.

The merger with Coretection will not be completed by February 29, 2008. Two
other merger possibilities have been presented to the Company and due
diligence is now underway. Discussions have been initiated with a major
investment dealer to raise funds to finance whichever direction the Company
chooses to pursue.

We expect to announce which merger the Company will go with by March 15,
2008.

This press release contains forward-looking statements involving risks and
uncertainties including statements regarding the Company's future
performance. Such statements are based on management's current expectations
and are subject to certain factors, risks and uncertainties that may cause
actual results, events and performance to differ materially from those
referred to or implied by such statements. In addition, actual future
results may differ materially from those anticipated, depending on a
variety of factors which include, but are not limited to, our ability to
leverage our technology, manage our growth, protect our intellectual
property rights, attract new customers and general economic conditions
affecting consumer spending. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. The Company does not intend to update any of the
forward-looking statements after the date of this release to conform these
statements to actual results or to changes in its expectations, except as
may be required by law.